Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Photo: Pavlos Giorkas / FlickrPhoto: Pavlos Giorkas / Flickr

Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field saying that he doesnt understand why large macro funds dont have a 1% position in Bitcoin (BTC).

Except Bakkt, there is a platform for trading and storing cryptocurrency – Fidelity Digital Asset Services, which is at the final stage of testing. And Bitcoin ETF, which has not yet been approved by the US Securities and Exchange Commission.

In a tweet issued on Saturday, Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field. The former Fortress Investment and Goldman Sachs executive, who has become a full-on crypto diehard, explained that he doesnt understand why large macro funds, such as Ray Dalios Bridgewater Associates, dont have a 1% position in Bitcoin (BTC).

Bear in mind that, surprisingly, in the last 48 hours, the Bitcoin price recovered beyond the crucial $3,500 support level and avoided a further drop below $3,000.

Dont understand why all the big macro funds out there dont have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward

— Michael Novogratz (@novogratz) February 9, 2019

He also said:

It wont go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? Weve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and theyre going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].

The valuation of the cryptocurrency market increased from $110 billion to $120 billion, by just over $10 billion.

Analysts Expectations for the Latter Half of 2019: Bitcoin Will Rise

Generally, analysts expect Bitcoin and the rest of the cryptocurrency market to begin recovering in the latter half of 2019.

For example, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. Thus, a ubiquitous 1% allocation would see $30 billion rush into BTC at the bare minimum, whic ...

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Tags: Bitcoin, Mike Novogratz, Michael Novogratz, Funding, Galaxy Digital, Coin, Digital Asset Services, U.S. Securities and Exchange Commission, Fortress Investment Group, Bridgewater Associates